South Korea Welcomes Crypto.com: New Trading App Offering 150+ Cryptocurrencies and NFTs

By Crypto Gloom On Apr 3, 2024

cryptocurrency exchange Crypto.com is set to launch its trading application in Korea on April 29, signaling a strategic move to expand its market presence. Retail investors in Korea will be able to access more than 150 different cryptocurrencies and non-fungible tokens (NFTs) through the Crypto.com app, marking a significant step forward in the company’s expansion plans.

Emphasis on the Korean market

Eric Anziani, President and CEO of Crypto.com, emphasized the pivotal role of the Korean market in the company’s growth strategy. Anziani praised South Korea’s regulators’ progressive approach to the cryptocurrency sector and expressed his desire for joint efforts to promote responsible industry growth.

Switch from OK-Bit to Crypto.com

The launch of Crypto.com’s Korean trading app coincides with the cessation of operations of cryptocurrency exchange OK-Bit, which Crypto.com acquired in 2022. This transition highlights Crypto.com’s commitment to serving retail investors in Korea. Regulatory environment limiting institutional involvement in cryptocurrencies.

Also Read: South Korea Considers Abolishing Income Tax on Cryptocurrency Income

Increased regulatory scrutiny

Despite Crypto.com’s expansion efforts, Korea’s Financial Intelligence Unit (FIU) has announced stricter regulatory measures for cryptocurrency exchanges. These measures aim to strengthen screening procedures and eliminate exchanges deemed unsuitable for the market. Moreover, amendments proposed by the Financial Services Commission (FSC) could further tighten controls by requiring regulatory approval for new cryptocurrency company executives, reflecting Korea’s evolving regulatory environment.

conclusion

The launch of Crypto.com’s Korean trading app marks an important milestone in Crypto.com’s global expansion strategy. Crypto.com aims to meet the needs of Korean individual investors while navigating Korea’s evolving regulatory environment by providing access to a variety of cryptocurrencies and NFTs.